Pinterest has surpassed the horizons of being such a platform that was considered just good enough for the typical design inspiration. In fact, it has evolved so eminently that now it has the exceptional powers to drive traffic and leads for your business. Well, what else does a business need?
A plethora of business corporations put this platform in use to share about their product or services via Pinterest advertising, and it is gaining momentum day in and day out. This calls for doing the maths regarding Pinterest advertising cost so as to analyze how much share of the budget would be allocated towards Pinterest advertising campaign and how enormous ROI (Return On Investment) can it generate.
Though Pinterest is not as renowned for social media marketing as other platforms, namely, Facebook, Instagram, and Twitter, it has extravagant potential to help your business grow.
The Pinterest community has expanded enormously by now, and here are a few reasons why you must consider giving Pinterest ads a shot:
- Pinterest has 400 million-plus users, to be more precise, “active users.”
- People reach to Pinterest to favour ads which is why this platform stands apart from other social media platforms when it comes to advertising.
- Pinterest is bliss for the women-centric niche, the reason being that over 70% of the user community on this platform is female.
- With over 80% of the shoppers, the platform is a hub of purchasers.
- Small-sized as well as medium-sized business enterprises are at the leverage of getting unbiased traffic and response on Pinterest because this platform is unswayed by the long-established brand names. Also, Pinterest advertising cost surpasses the level of justification with its results.
- As per India Times, the revenue of Pinterest for last year’s end-quarter (December end) piled up by 20%.
Wait! It’s not the wrap-up of grounds that showcase how imperative Pinterest advertising is.
Bright Side Of Pinterest Advertising
Pinterest is quite an under–rated platform when it comes to social media marketing. But if utilized in an optimum way, it has exceptionally remarkable outcomes. The facts mentioned in the above paragraph are suffice to highlight the importance of going for Pinterest advertising, yet here are the benefits that make it a must-go-for option.
- Diversified Ads: When it comes to the range of ad types, Pinterest is second to none. The platform is profuse of up-to-the-minute promotional pin ideas that can engage potential clients in your products or services. Scroll down a little to have much broader insights…..
- Full Of Opportunities For Small Brands: Pinterest is such a platform that doesn’t just focus on garnering the limelight for big players in any industry. In fact, much contrastingly, the visitors on this platform go searching for products or services from random brands showcased on the Pinterest advertising shelf as pins.
- Long-term Growth: Pinterest ads don’t do away with fly-by-night kind of outcomes. In fact, Pinterest advertising comes up with exceptionally rewarding outgrowth.
- Cuts Down The Hefts OF Managing Daily Ad Budget: Thanks to Pinterest’s automatic bidding feature, which takes away the hassles of keeping up with the budgetary allotment needs of Pinterest ads day in day out. The feature works in accordance with the demographics, target audience, and niche your products or services come under and has reportedly delivered results exceeding expectations. We’ll discuss that in detail further in this article.
- Increases The Click-Through Rate (CTR) Of Your Website: Pinterest ads can garner much limelight for your website because investing in promoted pins means you can direct the pinners or visitors to a specific web page or landing page. CTR helps in determining:-
- how well you’re reaching out to your audience
- what your audience is actually looking for
- how effectively you are managing the interests of your audience
The above-listed three questions are of utmost importance when we consider the relevancy of our products/services and our audience’s interest. Also, with more effective management of Pinterest bids (we’ll talk about it later in this article), you can witness a quite significant improvement in your website’s CTR, which in turn, will certainly escalate your business’s ROI.
How To Evaluate Pinterest Advertising Cost?
Pinterest advertising cost evaluation process follows a bidding approach that takes a plethora of factors into consideration which has been discussed further in this article. Also, to get started with Pinterest advertising costs, it’s inevitable to be familiar with a few terms that you’ll come across:
- CPM: CPM is an abbreviation for Cost-Per-Mille, which means reckoning the cost per thousand impressions.
- CPE: Cost-Per-Engagement is derived when you run Pinterest ads for boosting a pin’s engagement.
- CPC: Cost-Per-Click, i.e., the charge will be accumulated as and when a customer clicks on your ad.
Pinterest Ads Bidding: Custom Bids V/S Automatic Bids
Bidding is not an alienated term when we talk of ad campaigns. In fact, it has to be estimated whilst working out budget allocation for ad campaigns for a plethora of social media platforms. Pinterest advertising cost is also ascertained with a bidding mechanism. Pinterest Ads Manager is your go-to place from where you can handle the bids and placements for Pinterest ads.
Basically, bidding for Pinterest ads can be done in two ways. You can either allot a budget for daily Pinterest ad campaigns yourself, which means you’re going for ‘customized bidding.’ Or else, you can also leave it up to Pinterest to regulate the daily budget for your ad campaigns ‘automatically.’
It’s been reported by several business corporations that the shift to the automated bidding control system for Pinterest ads management made their advertising costs on this platform dwindle to a drastic level, whereas the fruits that they reaped in the form of increased website traffic, more engagement or strengthening brand awareness were worth multiple times investment in the same. And, without any doubt, that has been the case. As per social media today, by adopting the automated bidding control system for Pinterest ads, users have fetched more than 30% CTR as compared to the custom or manual bids method with the equivalent investment. And that actually counts!
But before we proceed to talk about how to reckon Pinterest advertising cost, let’s have a look at varied types of Pinterest ads…..
Types Of Pinterest Ads
Pinterest isn’t standing aloof from its competitors like Instagram and Facebook. It provides a plethora of options to pick from and make the most of it using the appropriate kind of ad campaign, whether using image pins or video pins. Broadly speaking, there are three basic formats that have been put up in the place by Pinterest: Standard, Video & Ideas. However, these are further categorized so as to make it elementary to tap the right kind of pin:
- Idea Ads/Pins Or Story-Based Ads/Pins: These are short and concise pins that stand in the line of parity with Instagram or Facebook story ads. And one can boost engagement on the idea pins using hashtags.
- Collection Ads/Pins: Pinterest’s collection ads present an opportunity before businesses to share a lengthy video or a single image with 3 additional images (which can further be increased to 24 provided that the pin is viewed).
- Carousel Ads/Pins: Carousel pins can merge 3 to 5 images in a swipe-based portrait.
- Promoted Ads/Pins: These are the most-sought sort of pins that liberate businesses to direct the user to a specific linked page simply by clicking on them. Not just to web pages, but you can also induce visitors to install apps. High-yielding pins are mostly converted into promoted pins so as to show them on the feed.
Shopping Ads/Pins: These are simply the creatives designed to showcase your product or services from a virtual shelf.
Key Facets That Determine Your Pinterest Advertising Cost
Broadly categorizing, the cost of your Pinterest advertising actually depends upon two factors:-
1. Target you wish to hit on by promoting your brand on this platform, which is further categorized into three divisions:
Building Brand Awareness
Brand awareness is the first and foremost step for reaching out to your audience, and believe it or not, Pinterest advertising assists business organizations go the whole nine yards to mark their presence before the targeted audience.
How Much Does Pinterest Advertising Cost For Strengthening Brand Awareness?
Minimum General Bid: $2 CPM
Now in order to strengthen your brand awareness through Pinterest advertising, one can expect to shed between $2 to $5 CPM (cost-per-mille), i.e., per thousand impressions on a pin. It’s worth mentioning that you can put in extra bucks for the same as budget constraints differ for every organization.
Engagement has an inevitable role to play when it comes to sharing, repinning, or liking pins. Among all other things, you can engage people with your content, provided that it profuses avant-garde information.
How Much Does Pinterest Advertising Cost For Boosting Your Pinterest Account Engagement?
Minimum General Bid: $0.10 CPE
Increasing your brand’s engagement with Pinterest ads is not at all a biting a bullet kind of task. In fact, it will, in turn, increase your brand’s reach to a much-wider public base. If we talk numbers, the Pinterest advertising cost to serve this particular purpose will be between $0.10 to $1.50 CPE (cost-per-engagement) for a particular pin.
Driving Web Traffic
Obviously, your brand would be more acknowledged and fetch more leads only if the number of visitors to your website increases.
How Much Does Pinterest Advertising Cost For Driving More Traffic To Your Website?
Minimum General Bid: $0.10 CPC
Pinterest advertising is an indispensable tool that can foster website traffic. This can cost between $0.10 to $1.50 CPC (cost-per-click) for a pin.
2. The Level Of Competition
Another facet that holds the accountability for swaying Pinterest advertising costs is the level of competition. Let’s understand it this way, suppose you deal in study room accessories, then your target audience is confined to study rooms which will demand relatively less investment in Pinterest advertising in comparison to a more comprehensive search term or keyword, for instance, if you search for ‘home decor ideas’ on Pinterest, you will come across a plethora of pins and to make your pin rank well among other pins, you would need to invest a little more extravaganza in Pinterest ads.
This goes the same for seasonal deals and/or festive deals as well when bids drastically go up and down in comparison to that of off-season sales.
Prerequisites For Utilizing Pinterest Ads
Pinterest is an ad-oriented platform where visitors (individuals or business corporations) oftentimes come so as to tap on the horizons of their minds by taking cues from pristine ideas. This platform has potential, which if individuals or business corporations wish to exploit fully, then they need the under-stated:
1. A Pinterest Business Account
This is the first and foremost requirement to get started with Pinterest ads. A business account on this platform will open the house for several alternatives before you that can fetch promising ROI.
2. Pick Your Ad Goal Or Objective
Another thing that needs to be decided prior to starting evaluating Pinterest advertising costs is the objective that you wish to achieve. This is so because varied objectives have distinct impacts on your Pinterest advertising campaign. We’ve discussed three key objectives to which Pinterest ads serve. In that, too, you can make alterations to your Pinterest ads campaign to capture a specific audience.
3. Craft A Pinterest Advertising Campaign
Then comes crafting a well-suited Pinterest advertising campaign for your business which incorporates selecting the audience base you wish to target and opting for the optimum method to manage your Pinterest ads, among other things.
Decoded: How To Boastfully Optimize Your Pinterest Ads Campaign?
Of course, considering investing in Pinterest ads is one among the best decisions that you would’ve ever taken. But yes, in today’s cut-throat competition, it becomes indispensable to make a little extra effort to make your Pinterest advertising campaign outperform the rest. We’re about to discuss some tactics that will not only reap maximum benefits for your business but will also not leave your money to burn.
- Design Eye-Catching Creatives
Among all other things designing impressive creatives has to be on the top of your thoughts ahead of advertising on any platform. And leaving this behind while talking of Pinterest advertising is not at all an option as the platform itself is profused of inspirational design ideas. A/B Testing can be of the utmost assistance in weighing up creatives with different image specifications, designs, and content for the same products or services. Ideally, 2 or 3 distinct creatives can be assessed on the benchmarked parameters and then go further with the high-performing one.
- Usage Of Appropriate Keywords
Picking the appropriate keyword/s with appropriate search volume becomes quite imperative for making most of your advertising campaigns on any given platform, let alone for Pinterest.
Pinterest is filled with pins that are nothing but a hub of advertisements, and to make your pins rank above right, appropriate keywords must be included in the title altogether with the description of your pins. Google Keyword Planner is one among the most used tools for keyword research.
- Include Call To Action (CTA) Tabs Or Buttons In Your Pinterest Ads
When a visitor comes across your Pinterest ads, they’ll get to know about products or services your business deals with, and if they are interested in it, they would certainly be willing to know more about it or would look for ways to contact you. After all, that’s exactly why you have invested in Pinterest ads in the first place, right? So before the potential customers feel like skipping on this thought, you have to ensure that everything is in the right place. In fact, Pinterest promoted pins provide the leverage to attach the desired link to the pin and direct visitors to a specific page. It’s strongly advised to use this exquisite alternative whenever you are upto running promoted Pinterest ads.
Providing CTA tabs or buttons in Pinterest ads would make it less painstaking for the pinners to catch up with you as and when they need to, and not to forget that over 80% of the visitors or pinners on this platform are there to buy stuff or make a purchase.
One noteworthy thing here is that the URL or link must not be beyond the point of relevancy. Otherwise, all your efforts will go in vain.
- Be Considerate While Deciding Your Target Audience Base
Another area where you must pay attention if you’re willing to run an over-the-edge Pinterest advertising campaign is- the audience base. As a matter of fact, the percentage of active female community on Pinterest is quite high (70%), which means a win-win opportunity for the women-centric niche. Factors such as cities, interests, locations, gender, etc., indispensably matter while picking out the audience base for your Pinterest ads, as where targeting the right and appropriate audience base can fetch overwhelmingly positive results for your business, being out of the line here can certainly make your conversions see a dwindling shift.
- Analyze Your Pinterest Advertising Approach
No doubt how exquisitely you’re running your Pinterest advertising campaign, there is always a scope for improvements. Thanks to Pinterest Analytics which eased the hefts of analysis and assisted the businesses in developing a better plan for their next move, which will surpass the limitations of the previously adopted ways, if any. This will ensure that you would be more considerate whilst planning your next campaign. Plus to that, an improved Pinterest ad campaign will also keep your business ahead of competitors, which is certainly needed when we talk of Pinterest advertising.
How Enormous Or Meagre Should Your Pinterest Advertising Budget Be?
No doubt Pinterest acts as a visual-treat search engine giving you ample alternatives to publicize your products or services and, quite obviously, your brand name as well. But it must be noted that it’s not an overnight play, and the growth would be eventual and gradual.
Also, the amount spent on or invested in Pinterest ad campaigns varies not only for different industries but even for organizations that share a similar area of specialization. Cutting it short, the budget you allocate towards your Pinterest advertising can differ from that of your competitor. Well, that is so because one particular factor might be a matter of interest and consideration for you but not for another firm.
In addition to that, it must be kept in mind that initially, Pinterest advertising costs would be relatively higher. Obviously, the initial spending on any project is considerably higher, which gets in the line of scale with time. Besides that, the masses are still assessing the eminence of investing in Pinterest ads and how economical Pinterest advertising cost is in the long run, as a consequence of which you might feel like it’s overpriced than the other platforms. Nevertheless, it’s a noteworthy fact that the gradual and perpetual positive outcomes of this platform are far more remarkable than that of others in the race, which can drive your business even after your Pinterest ad campaign expires. That’s indeed amazing, right?
Speaking of general stats, business organizations go for investing $15 to $20 per day, which fairly does for them with upto 2 campaigns under a particular ad group. The correlation between your bids and your CTR must be considered while disbursing your budget towards Pinterest advertising.
If you wish to go a little extra mile, you can consider shedding around $30 to $50 per day (between $900 to $1500 monthly) over 2 campaigns while maintaining the optimum quality for ad groups.
It must be noted that initially, it would take 2 to 3 months more compared to that of other acclaimed platforms to uplift the commercialization of your business through Pinterest advertising. You must consider each and every facet whilst reckoning your maximum bid for your Pinterest ads.
Amp Up Your Business’s Return On Investment (ROI) With Pinterest Ads
Incurring Pinterest advertising costs is not something that you should go for blindly. In fact, the more you optimize your Pinterest ads campaign, the more imperative it becomes to put a well-researched plan into action. Businesses need to amp up their ROI not just for mere survival but for preserving the competitive edge as well. And, bringing Pinterest ads into play can do so for your business. Here’s how:
- Go For Rich Pins
Rich pins mark a notable presence of your products or services on Pinterest. This is so because these are all-inclusive pins that are presented in the ‘Shop’ section of the platform; consequently, the chances of garnering conversions go up. What makes it worth every single penny spent is that you need not bother about updating certain specifications such as availability, description, price, etc., at all times as they are taken care of well automatically as and when altered on your website. That’s why Pinterest advertising is splendidly convenient.
- Keep Videos Short But Engaging
Another way to revamp your ROI game is to captivate your audience by crafting videos that can precisely talk around a certain topic in a short time period, that too in a gripping way. This is so because watching long-stretched videos while on such a platform is nobody’s first choice.
- Be Thoughtful Of Your Content Quality
You must have come across the phrase- “content is the king.” Well, there is a reason behind that. When the market is drenched in competition, ignoring your content’s quality and captivating level can make your business stand in deep waters. If your content isn’t up to the mark, your ROI from Pinterest ads will start depleting, which in turn will pile up your Pinterest advertising cost.
- Install Pinterest Tag In Your Pins
Discussing Pinterest Tag can’t be left out while talking about Pinterest ads and ROI correlation. This tag primarily assists in tracking conversions from Pinterest Ads Manager as well as pictures its Key Performance Indicators (KPIs) which are based on 9 categories:
- Page Visits
- Video Views
- Add To Cart
- View Category and,
- Personalized or Customized Events
This will ensure that you can execute and modify your strategy so as to accumulate your Pinterest advertising cost.
How Are Promoted Pins More Useful For Diminishing Your Pinterest Advertising Cost?
Promoted Pinterest ads that are generally regarded as ‘promoted pins’ considerably magnify the impact on your ROI and business performance. Promoted Pinterest pins are the apple of the eye for marketers who are constantly casting around for methods to escalate their brand’s reach whilst keeping their Pinterest advertising cost down, the reason being that it can be used to direct the pinners directly to a linked web page, and thus, facilitates dual benefits by increasing CTR for the Pinterest ad as well as the particular web page or URL. This escalates the odds of garnering conversions.
Since they appear on the user’s or pinner’s feed directly, they are exquisitely perfect for sharing about limited-edition offers, seasonal offers, or any specific event that you are going to organize in the near future.
Talking of Pinterest advertising costs for promoted pins, they are chargeable on CPC, i.e., cost-per-click basis, and depending upon the bidding mechanism, the placements would be allocated. In layman’s terms, Pinterest advertising costs for promoted pins would generate as and when someone clicks on your Pinterest ad.
These pins significantly bring down the Pinterest advertising cost as they just not show the pins on the pinner’s feed alone but also make them viewable along with other Pinterest ads when a visitor searches for that (or related) commodities or services on this platform.
Why Should Small And Medium Business Enterprises Opt For Pinterest Advertising?
Small and medium business enterprises have to be quite considerate while allocating their resources. And when it comes to budgetary decisions, there is no chance to just act on speculations.
Though Pinterest advertising has its own leverages, it becomes quite a hefty task to assess whether or not to invest in Pinterest advertising as you need to disburse the resources for ad campaigns on a plethora of other platforms as well. Apart from that, keeping up with the different business chores day– in and day– out also demands proper attention and financial reckoning. But incurring Pinterest advertising costs would be more of an investment for small and medium business enterprises.
Such business enterprises can certainly reap over-the-top long-term benefits from Pinterest advertising as it is an eminent shopper’s hub these days, which hints that advertisements are quite cherished on this platform. Having said that, it must be noted that you can start by investing small amounts, and then you need not fret over instant results because that isn’t the case here or, in fact, on any other platform.
You can join hands with professional experts for better apportionment of your funds and avant-garde administration of ad campaigns. Yes, you guessed it right, a digital marketing agency can look out your Pinterest advertising campaigns for all or some or a single project of yours. A professional hand by your side in the advent of tough challenges of today’s digital era can help you get past the hurdles. That being said, if you’re perplexed searching for a digital marketing company that can cater to all your Pinterest advertising campaigns and at the same time trim down your Pinterest advertising cost, you can connect with Mind Mingles. Scroll down a little to know more…..
How Can Mind Mingles Help You With Your Pinterest Advertising Campaign?
Pinterest advertising comes with an option of automatic biddings, which means that you can handle it yourself. Nonetheless, a professional helping hand can take your business ahead in this race more effectively and efficiently. Expertise and experience are what can drive more traffic, engagement, and leads to your business’s door. Whether you’re a financial service provider or a textile company, Mind Mingles is ready to get on board with you and take your business with your brand name to a whole another level while not drowning you under the huge pile of Pinterest advertising costs.
In an era where upturn in your business has to be planned perpetually, a digital marketing company that focuses on an all-inclusive approach to upturn your business growth is what you need, and that’s exactly what our team of qualified professionals does for clients at Mind Mingles.
At Mind Mingles, we have Pinterest advertising plans that are crafted to suit distinct client needs at a considerable cost remission so that Pinterest advertising cost doesn’t feel like a burden. Pinterest advertising costs of our packages are not just budget-fitting but also stand in line with our quality work. Organic and paid Pinterest ads have loads of potential to fetch appreciative outcomes. Connect with Mind Mingles today and ace the game of your Pinterest ads.
Gurleen Kaur is a Content Writer at Mind Mingles. She has presented her work in International Conference On Guru Nanak Dev Ji: Life, Philosophy and Legacy held at Mata Sundri College For Women and was awarded by the title of “Best Paper Presenter” under College Student Category for the same (Dated: 27th and 28th September, 2019) Has a strong grip over creating interesting, unique and informative content pieces for a wide range of niches. Firm believer that words have an impact.